Mar 31, 2015
1. ACCOUNTING POLICIES (AS-1)
(a) The Financial Statements are prepared under historical cost
convention of accrual basis of accounting and coin ply with mandatory
accounting standards and statements: issued by Institute of Chartered
Accountants of India.
(b) Accounting policies not specifically referred to otherwise are
consistent and in consonance with generally accepted accounting
principles.
[c) The presentation of Financial Statements in Conformity with Indi an
GAAP requires judgments, estimates and liabilities assumption tu bv
made that affect reportable amount of assets and liabilities,
disclosure of contingent liabilities on the date of financial
statements and the reportable amount of revenues and expenses during
the reporting period. Difference between the actual results and
estimates are recognised in the year in which the results are known/
materialized.
2. RE VEND E RECOG NIT 10 N (AS -9)
All the expenses and Income to the extent ascertainable with reasonable
certainty considered payable and receivable respectively, except for
the following items, are accounted for on mercantile basis.
(a) Gratuity Payment
(b) Disposal of Sundry items & Scrap etc
3- FIXED ASSETS (AS-ID] All the Fixed Assets are stated at their
original cost including taxes, duties, freight and other incidental
expenses related to the acquisition and installation.
4. DEPRECIATION (AS-A) Depreciation on Fixed Assets is provided to
the extent of depreciation amount on the Written D own Value (WW)
Method. Depreciation is provided based on useful life of the assets as
prescribed in Schedule El to the Companies Act, 2013.
5. CONTINGENT LIABILTIES There arc no contingent liabilities
6. PRIOR PERIOD St EXTRA DIKARV ITEMS AND CHANGES IN AOHINT
POLICIES (AS-51
There h no prior urinary Hems which needs to be disclosed in
the profit and law account separately .and they is no change in any
accounting policy which has 43 material effect on the financial
statements and is expected to he disclosed in accordance with the
Accounting standards fAS-5] relating to disclosure of Prior Period &
Extra Ordinary Items and Change in Accounting Policies notified by the
Central Government In exercise of the powers conferred by sub-section
(2) of section MS of the Income Tax: Act, 1961,
7. KET1REMENT BENEFITS (AS- IS)
The provision of the Employees State Insurance Act, IHS and Employees
Provident Fund & Miscellaneous Provisions Act, 1952 are nut.
applicable the Company
8. ACCOUNTING FOR TAXES ON INCOME (AS-22)
The Accounting Standards "Accounting for Taxes on Income" issued by the
institute of Chartered
Accountants of India applicable to the concerns where there 5
liming difficult. between Taxable Income and Accounting Income giving
rise to deferred tax asset or liability as the case maybe.
9. IMPAIRMENT OF ASSETS AS-28)
The company on an annual baste nukes an assessment of any Indicator
that may lead impairment of assets. If such indicator etc, the
Company estimate the recoverable amount of the Assets, if such
recoverable amount is less inert the carrying amount, then the carrying
amount is reduced Co its recoverable amount by treating the difference
between; 'hem as impairment loss and is charged the statement of
profit and loss.